Advantageous to have BCP and Cash Magnet?

[MakingProgress]

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@Anonymous wrote:

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@followgreatness wrote:
Thinking about picking up a cash magnet card just to pick up sign up bonus and add some flexibility in spending without getting close to limits within AMEX. Also could use 1.5 on cats not within BCP.

Is this a good pairing?

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depends on the alternatives!   If the SUB is good, maybe worth getting for that, but since it's just cashback (and with a lot of quirks at that), in the long run a 2% card from another issuer is going to be more useful

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Just curious, what do you mean by quirks?   The Cash Magnet is a straight 1.5% cash back. 

[kilroy8]

Only useful if you want the SUB, or need a BT card.

Added return over BCP is minimal. $15 per/$1K spend vs $10.

[MakingProgress]

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@Anonymous wrote:

I have both, and honestly I probably wouldn't have gotten the CM if I had it to do all over again. It's not a bad card, but really nothing special either. The BIG issue with it for me is the $25 cashback redemption minimum. If you will be regularly putting around $1700 through it ($1666 at 1.5% gets $25), it may not be an issue, but as a sort of "fill in the blanks" card that can take quite some time to hit in some cases. It makes redeeming rewards a bit of a chore. I actually have about $40 just sitting on mine now because I'd rather leave it there to cover a purchase when I need/want it, than redeem it and have the next $24.99 unavailable to me until I reach that magical $25 mark.

Some may not agree, but from a pure rewards standpoint, I would even consider the Capital One Quicksilver instead since you get the same percent back, and can redeem the cashback at any time and in any amount. Plus, unlike with the CM, the cashback applies to your minimum due and current statement. Cashback on the CM only applies to charges made during the same billing period as the redemption. So, if you have a $50 statement balance, and redeem $25 without making any new charges, the amount to PiF is still $50 even though that puts your remaining balance at -$25. Strange, I know.

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I agree from an ease of use standpoint QS wins hands down.   I have both.   I got the CM for the 0% offer and because I had a couple of large purchases to make.   The other thing about the Amex cash back revolvers (not sure about points cards) is that your rewards are delayed by a billing cycle.  example, I make a Charge on 6/10 and my statment closes on 6/20, I do not see the rewards from that purchase until after my statement closed on 7/20.   On the QS I would see it as soon as the transaction posted to the account. 

[followgreatness]

Good point and assessment. I am very much still trying to figure out the best ways to manage MR's.

What I like about having a Gold card is because I can use it strictly for seamless and restaurants I frequent often. And the fact that I can get another AMEX card with likely only a SP is another reason.

The BCP already covers me at supermarkets, but t doesnt cover at places like Target, Walmart, etc. where the Gold would. I'm combining my 3 Cap One cards (Venture, QS, QS1) into 1 QS card and can use another travel-oriented card to replace Venture without going full out platinum (which I think is overrated).

In the long run, I can downgrade my preferred card to the no annual fee version and use gold card in supermarkets. I wont cancel the BCE card because I have high credit limit there.

Thanks for your input!

[Anonymous]

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@MakingProgress wrote:

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@Anonymous wrote:

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@followgreatness wrote:
Thinking about picking up a cash magnet card just to pick up sign up bonus and add some flexibility in spending without getting close to limits within AMEX. Also could use 1.5 on cats not within BCP.

Is this a good pairing?

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depends on the alternatives!   If the SUB is good, maybe worth getting for that, but since it's just cashback (and with a lot of quirks at that), in the long run a 2% card from another issuer is going to be more useful

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Just curious, what do you mean by quirks?   The Cash Magnet is a straight 1.5% cash back. 

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I mean the extra month's delay in crediting from spend (here I am assuming it's like the BCX cards) where rewards for say period ending June 20th don't show until the statement closing Jul 20, unlike every other issuer!   Along with min redemption, FTF and fairly inflexible redemption (no ACH option) not an industry leading 1.5% card (to say nothing of 2% cards...)

[staticvoidmain]

Are you strictly looking at Amex as both lender and network?

I'll have three concerns with getting the Gold as your other card.

1. Overlaps with the supermarket category. Assuming you'll use the BCP, it is a wasted category and cuts down MR earning potential.

2. It has an annual fee. ($0 vs $250)

3. You are mixing cashback and MR.

I have contemplated a long time to add platinum/gold to my cards, but decided against it because I benefit currently with sticking to cashback. I really like Amex as well, but it just did not make sense.

[kdm31091]

I wouldn’t rush to get a Magnet. It’s really just an okay card and has a redemption threshold which may be a pain if you’re not using it that often. I have one but it’s not an indispensable card by any means.

I would probably go for a 2 percent card instead unless you just really want Amex.

[Anonymous]

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@followgreatness wrote:
Good points made all around.

Only real use would be the sub.

Leaning towards BCP and Gold card pairing. Please share your thoughts on that, if any.

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There's nothing wrong w/ collecting a SUB as that's something that adds up over the years as you do them.  I've collected well over $2K in the past 2 years from aiming at the free $$$.

Gold vs Uber.... same 4% category for dining and no AF on Uber.  If you're not going to use the perks on Gold consistently it doesn't add much value and doesn't help in UTIL because it's a charge card and doesn't have a limit.

[Anonymous]

It's 4% if you consider MRs to be worth 1%; I think most people would agree they're worth more than that.